Legal Updates - Corporate Law Reporter

Programme credit hours for CS in Employment too !!!

The Institute of Company Secretaries of India, in its 200th Council meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members as follows: Next block of three years: April 01, 2011 to March 31, 2014 Min. number of Programme Credit Hours (PCH) to be acquired… Read More

Revision of Powers delegated to Registrar of Companies (ROC)

MCA has issued a notification in supersession of the 1985 notification regarding delegation of powers to the ROC Section 21 - Change of name of the Company Section 25 - Incorporation of Non Profit Companies Proviso to Sub-section (1) of section 31 - Approval of alteration of articles of association Sub-section (1D) of section 108… Read More

Powers of Central Government delegated to Regional Director revised

Notification G.S.R.259(E) The Ministry of Corporate Affairs has revised the powers delegated to Regional director by superseding the 20 year old notification of 1991. As per the notification issued on 17th March, 2011, the Regional Director has power to attend to matters as outlined in 12 sections as mentioned below: Section 22 - Rectification of name of the company Sub-sections… Read More

Payments in MCA for Over Rs. 50,000 also to be in electronic mode

The Ministry of Corporate Affairs has vide its Circular No. HQ/9/2002-Computerization dated 9th March, 2011 decided to accept payments of value upto Rs.50,000, for MCA 21 services, only in electronic mode w.e.f 27th March, 2011. For the payments of value above Rs. 50,000, stakeholders would have the option to either make the payment in electronic… Read More

PFC to raise 6000 crores by Offer for Sale

Power Finance Corporation today filed draft papers with Security and Exchange Board of India to raise around Rs 6,000 crore. PFC would be coming out with an offer for sale of 22.95 crore equity shares of face value of Rs 10 each. This would include fresh issue of over 17.21 crore equity shares and an offer for… Read More

Programs on Competition Act and Service Tax with budgetary changes

For the benefit of Members, ICSI-CCGRT is organising the following programs as per the details given below. NAME OF THE PROGRAM: COMBINATION REGULATIONS AND COMPETITION ACT Venue : ICSI-CCGRT Training Hall, Plot No. 101, Sector 15, Institutional Area, CBD Belapur, Navi Mumbai 400 614 PCH 4 Date, Date and Time: Monday, March 28, 2011, 10.00am-03.00pm Fees… Read More

Revised Annual return on Foreign Liabilities and Assets

Introduction of Annual return on Foreign Liabilities and Assets reporting by Indian Companies and discontinuation of the Part B of form FC-GPR RBI has discontinued the reporting of Annual Form FC GPR Part B and introduced a new Annual return on Foreign Liabilities and Assets. The Balance Sheet for the corresponding year also need to be… Read More

Corporate Membership For Professional Development Programs

The concept of Corporate Membership for Professional Development Programs, as started by NIRC, is well appreciated and acknowledged by the members and corporates as it is convenient to make payment/take approval at onetime to attend different Professional Development Programs during the year. The Corporate Membership Scheme will continue for the financial year 2011-12. Members are… Read More

Student Induction Programme – SIRC ICSI

11th April 2011 to 19th April 2011 The ICSI SIRC will be conducting its 06th Student Induction Programme [SIP] from 11th April 2011 to 19th April 2011. As per the Institute™s guidelines, Students registered for the Executive Programme on or after 01st September 2009, are required to undergo Seven Days ˜STUDENT INDUCTION PROGRAMME [SIP]™within 06 months of registration… Read More

Companies Bill seeks to put limit on number of subsidiaries

The draft Companies Bill seeks discretionary powers for the government to stop a company from setting up multiple subsidiaries if it is found abusing this right. Presently, Companies can establish any no. of subsidiaries, which could in turn set-up their own subsidiaries, and so on. The ministry of corporate affairs (MCA) is of the view that… Read More

Government seeks to scrap Press Note 1 to boost FDI

NEW DELHI: In order to liberalise the FDI regime, the government is likely to dispense with a norm that requires foreign investors to seek local partner approval for setting up units in the same area of business. Press Note 1 of 2005 seeks to protect the interest of domestic companies in joint ventures by ensuring… Read More

RBI Guidelines on New Banking License

New Delhi, Mar 15 (PTI) Finance Ministry has received draft guidelines on the new banking licence from the Reserve Bank, which is expected to make it public by the end of this month. "RBI is planning to issue the guidelines for banking licences before the close of this financial year," Finance Minister Pranab Mukherjee had… Read More

ICSI views on Budget 2011

The Institute of Company Secretaries of India welcomes sustainable growth oriented Union Budget 2011-12 Budget reflects financial translation of the policy initiatives of the government towards inclusive growth. The Institute of Company Secretaries of India welcomes the Budget for the year 2011-12 placed before the Parliament by Shri Pranab Mukherjee, Hon™ble Finance Minister… Read More